Will Bitcoin Fill Bullish Price Gap on CME or Bears will Rule President’s Day Holiday?

2020-02-18

The long due correction in the crypto markets began soon than most traders expected. Yesterday, Bitcoin [BTC] pullbacks to test low at $9602 driving altcoins with it as well. Nonetheless, it bounced back to test $10,000 in the following hours, suggesting a strong buying pressure.

The weekly closed on a red (spot markets) at $9912 with a spinning top formation indicating indecision or a consolidation after strong bullish action in the crypto markets.

According to leading chart analyst, Sawcruhteez, as price continues to hold $9700-$9800 and stays above prior resistance at $9500, the bullish arguments remains intact.

The 200 and 50-Day Moving Average are nearing a golden cross as the price continues to trade above the 200-Day MA. The realization of the cross would further strengthen bullish sentiments.

Nevertheless, Gaps are essentially inefficiencies in the market continuing from old time. Veteran trader and chart analyst, UglyOldGoat notes,

Gaps. Before Bitcoin and 24 hours markets, this crap happened all the time on traditional markets. Limits is another phenomenon that was rampant is 1973. Thank you, Arthur Hayes, for the innovations you developed on Bitmex.

Bearish Levels

However, a break below $9200 would bring the price back to test the prior range supports. Prominent crypto trader, B.Biddles, tweeted the idea for this critical bearish support and resistance on higher-time frames.